Outdated and New Taxation Regime: Tax Slabs and Charges for Evaluation Yr 2021-22


taxes

oi-roshni agarwal

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The brand new monetary yr has already began and for the earlier monetary yr, the due date for submitting ITR for the salaried class is July 31, until it’s prolonged on account of coronavirus. Now as you’ll begin compiling all of the required paperwork to hurry up your return submitting course of. Right here we’re once more emphasizing on the 2 revenue tax regime choices obtainable to each taxpayer together with tax slab charges.

Old and New Taxation Regime: Tax Slabs and Rates for Assessment Year 2021-22

Outdated and New Taxation Regime: Tax Slabs and Charges for Evaluation Yr 2021-22

Outdated taxation regime: Listed below are the tax slab charges for people beneath 60 years of age:

revenue restrict Evaluation Yr 2021-22
250000 as much as Rs.
Rupee. 250000 to Rs. 5 lakh 5%
Rupee. 5 lakh to Rs. 10 lakh 20%
Above Rs 10 lakh 30%

for senior residents

revenue restrict Evaluation Yr 2021-22
3,00,000 as much as Rs.
Rupee. 300000 to Rs. 5 lakh 5%
Rupee. 5 lakh to Rs. 10 lakh 20%
Above Rs 10 lakh 30%

for very senior residents

revenue restrict Evaluation Yr 2021-22
As much as Rs. 5,00,000
Rupee. 5 lakh to Rs. 10 lakh 20%
Above Rs 10 lakh 30%

There’s now a surcharge implication if the revenue of an assessee exceeds the required restrict and the charges are as follows:

The surcharge charges for the evaluation yr 2021-22 are as follows:

AY 2021-22 . Earnings Restrict Surcharge Price for

revenue restrict Evaluation yr 2021-22. surcharge price for
Rupee. 50 lakh – Rs. 1 crore 10%
Rupee. 1 crore to Rs. 2 crore 15%
Rupee. 2 crore to Rs. 50 million 25%
Rupee. 5 crore to Rs. 100 million 37%
10 crores greater than Rs. 37%

Additionally, all deductions together with Part 80C, Part 80D and so on of Earnings Tax Act 1961 will probably be allowed within the outdated tax regime with the above tax slabs.

New Tax Regime:

revenue tax slab Price
2.5 lakh as much as Rs. Zero
Rupee. 2.5 lakh to Rs. 5 lakh 5%
Rupee. 5 lakh to Rs. 7.5 lakh 10%
Rupee. 7.5 lakh to Rs. 10 lakh 15%
Rupee. 10 lakh to Rs. 12.50 lakhs 20%
Rupee. 12.5 lakh to Rs. 1.5 million 25%
above 15 lakhs 30%

Now within the new tax regime at a decrease taxation price, many deductions and exemptions like EPF, PPF, meals coupons and so on. should be waived. Particularly right here there’s a deduction ie solely deduction underneath 80CCD(2) of revenue. Deduction is obtainable on employer’s contribution within the Tax Act i.e. Tier-1 NPS account.

And right here the utmost deduction that may be claimed is 10% of Primary Pay plus DA in a monetary yr.

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First revealed story: Saturday, April 24, 2021, 13:20 [IST]



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